Autonomous vehicle software company May Mobility has agreed to go public through a business combination with special purpose acquisition company (SPAC) ACP Holdings Acquisition Corp. (Nasdaq: ACGC) at a pro forma enterprise value of approximately $1.4 billion. Announced on September 16, 2026, the deal deploys a structured financing blueprint designed to insulate public market debuts from redemption pressure via a committed $120 million preferred equity package.
Upon closing, scheduled for late 2026 or early 2027, the combined company will trade on the Nasdaq Stock Market under the ticker symbol MAY, making it the first publicly traded pure-play autonomous ride-hailing technology firm in the United States.
Key Takeaways
- $1.4 Billion Enterprise Valuation: May Mobility secures an implied pro forma enterprise value of $1.4 billion, supported by $1.35 billion in pre-money equity value.
- 12% Structured Preferred PIPE: A fully committed $120 million private investment in public equity (PIPE), co-anchored by an affiliate of Atlas Credit Partners, guarantees liquidity regardless of public SPAC redemptions.
- Asset-Light Autonomy: By licensing autonomy software to fleet operators rather than owning vehicles, May Mobility held its 2025 cash burn to $93 million on $10 million in revenue.
The Transaction Structure: Modernizing De-SPAC Listings
The business combination provides up to $337 million in gross proceeds, comprising up to $217 million from ACP Holdings’ trust account and the $120 million committed PIPE. Under the agreement, ACP Holdings will domesticate from the Cayman Islands to Delaware, merging a wholly owned subsidiary into May Mobility.
Unlike the speculative SPAC wave of 2020 and 2021—when issuers leaned on plain common stock at $10.00 per share with minimal downside protection—this transaction relies on institutional structured capital. As explored in our primer on how IPOs and listings shape equity capital markets, public entrance strategies in high-rate regimes prioritize guaranteed cash and structural downside protection.
| Deal Metric / Parameter | May Mobility / ACP Terms | Significance & Context |
|---|---|---|
| Enterprise Value | $1.40 Billion | Pro forma valuation reflects forward commercial scale. |
| Pre-Money Equity Base | $1.35 Billion | 135.0M shares of common stock at $10.00 base. |
| Committed PIPE Capital | $120.0 Million | Co-anchored by Atlas Credit Partners affiliate. |
| PIPE Security | Series A Cumulative Preferred | 12% PIK / 10% cash dividend; $12.00 conversion price. |
| ACP Trust Account | Up to $217.0 Million | Subject to public shareholder redemptions. |
| Maximum Gross Cash | Up to $337.0 Million | Assuming zero redemptions from trust account. |
| 2025 Financials | $10M Rev | $93M Burn | 27% gross margin; lean relative to fleet peers. |
| Historical VC Raised | ~$445.0 Million | Backed by Toyota, NTT, SoftBank, Grab, and BMW. |
Inside the 12% Convertible Preferred PIPE
The transaction’s core feature is the Series A Cumulative Convertible Preferred Stock issued in the PIPE, placed by Cantor Fitzgerald & Co. at a stated value of $12.00 per share. The instrument delivers robust protections to institutional investors:
- Compounding Dividends: The preferred shares accrue dividends daily at 12.0% per annum if paid in kind (PIK), or 10.0% per annum if paid in cash.
- Conversion & Warrants: The shares are convertible into common equity at $12.00. Investors also receive five-year warrants exercisable at $12.00, preserving upside participation.
- Downside Redemption Put: After five years, holders can demand redemption at accrued value. Unpaid redemptions trigger penalty interest of up to 24% per annum.
For investors examining how hybrid instruments behave, our guide to preferred stock vs common stock features breaks down how senior liquidation preferences shelter capital while subordinating common equity.
Gross Proceeds Across Redemption Scenarios
Public SPAC shareholders hold statutory rights to redeem shares for cash before the merger vote. Because recent de-SPAC redemptions have frequently exceeded 80%, May Mobility’s guaranteed PIPE serves as a critical backstop.
Even under a 100% public redemption scenario, May Mobility secures $120 million in fresh liquidity to support its commercial expansion.
Commercial Execution: Asset-Light vs. Captive Fleets
Founded in 2017 by Dr. Edwin Olson, May Mobility differs fundamentally from capital-intensive operators such as Alphabet’s Waymo or General Motors’ Cruise. Rather than buying and depreciating large vehicle fleets, May Mobility operates on an “Autonomy-as-a-Service” model.
The company licenses its Multi-Policy Decision Making (MPDM) autonomy software to ride-hail networks and transit agencies. Partners such as Toyota, Uber, Lyft, Grab, and CaoCao acquire the vehicles and manage fleet operations. May Mobility targets long-term gross margins of up to 70% and EBIT margins of up to 30%, reflecting software economics rather than automotive capital intensity.
May Mobility has completed over 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan. It operates driver-out deployments in Atlanta (with Lyft), Eden Prairie, and Grand Rapids, Minnesota. Commercial service on Uber’s network in Arlington, Texas, is scheduled for late 2026 or early 2027.
What Capital Markets Will Watch Next
Heading toward an anticipated closing by year-end 2026, market participants should track three catalysts:
- SEC Registration Filing: ACP Holdings will file Form S-4 containing May Mobility’s audited statements. Readers can consult our framework on how M&A and business combinations close to understand the regulatory path to completion.
- Shareholder Vote & Redemptions: Final redemptions will determine whether cash proceeds approach the $120 million floor or the $337 million ceiling.
- Arlington Commercial Rollout: Deploying autonomous Toyota Sienna vehicles on Uber’s network will provide a live commercial test of driver-out capabilities in a major urban corridor.
Disclosure: This article is for informational purposes only and is not investment advice.
Related reading
- Preferred Stock vs Common Stock: What’s the Difference?
- How IPOs Shape the Equity Capital Market: From Private to Public Powerhouses
- How M&A Actually Gets Done: LOI to Closing Bell
Sources
- U.S. Securities and Exchange Commission: ACP Holdings Acquisition Corp. Form 8-K (Sept. 16, 2026)
- U.S. Securities and Exchange Commission: Exhibit 99.1 Joint Business Combination Press Release
- SEC EDGAR Submissions Index: ACP Holdings Acquisition Corp. (CIK 0002111542)
- May Mobility Corporate Profile & Partnership Ecosystem Overview